Last iPhone launch led to 300 per cent rise in claims, according to Lifestyle Services Group
Insurance firm Lifestyle Services Group is expecting a spike insurance sales following the launch of the iPhone 5.
The firm reported a rise of 300 per cent in insurance claims following the launch of the 4S last year as people saw their new devices broken or stolen. The growth in smartphone usage, the company reports, has also led to a rise in fraudulent claims which it has had to put extra measures in place to combat.
Lifestyle Services Group business development director Andy Morris added almost half of the claims processed by the firm are now from iPhone customers.
“Upgrades and new contracts have been put on hold in anticipation and following a new iPhone release we always expect to see a significant uptake in customers looking to protect this much sought-after and costly product,” Morris said.
“Smartphones in general have become extremely valuable, making them vulnerable to loss, damage or theft. Last year we saw a 300% rise in insurance claims following the launch of the previous iPhone.
“Their dramatic growth has also sparked a rise in fraudulent claims. In a bid to combat this, we continue to invest heavily in its anti-fraud capability to further protect customers and insurance companies.”